The CEO of Square, Jack Dorsey, revealed the development of a new division whose mission will be focused on creating DeFi financial services around Bitcoin (BTC).
A competition to the Ethereum Challenge (ETH) ?
The announcement was made via the social network Twitter. Thursday, July 15, Jack Dorrsey posted the following tweet : “Square is creating a new business (joining Seller, Cash App and Tidal) focused on creating an open development platform with the sole purpose of facilitating the creation of non-custodial, unauthorized and decentralized financial services. Our main goal is the # Bitcoin. Its name is to be determined.”
He then added : ” Like our new # Bitcoin hardware wallet, we will make it completely open. Open roadmap, open development, and open source.”
Given the stature of Square, this new project may well be what was missing for truly launch the Bitcoin Challenge.
Indeed, currently decentralized finance is essentially based on Ethereum (ETH). This new division Square is therefore an opportunity to bring more competition in the face of the hegemony of ETH. At the moment, according to DeFi Llama, Ethereum dominates the Top 100 platforms DeFi in terms of locked value (TVL), with Aave at the top of the list that represents 9.09 billion dollars in TVL.
For comparison, the top-ranked Bitcoin DeFi project ranks in 103e position, this is Lightning Network with a TVL of $ 58.7 million.
However, to truly compete with the Ethereum challenge, Bitcoin projects must incorporate smart contracts like the Ethereum challenge. Money Lego Ethereum. In this sense, the upgrade Taproot of the Bitcoin protocol scheduled for mid-November is expected to open access to Bitcoin smart contracts.
Other projects in progress for Square
In addition to this new division, other projects are planned according to the CEO Jack Dorsey. Specifically, he recently announced that smart contracts and NFT should soon be developed by Square.
At the beginning of the month, Dorsey had also announced the will to Square to launch its own Bitcoin hardware wallet aimed at the general public.
Lagging behind Ethereum, the Bitcoin DeFi could finally take a new turn with this new division Square in parallel with the year-end update Taproot long-awaited.
My interest in new technologies has teleported me into the blockchain universe. Dimension both complex and so vast that my brain first reacted in “Error 404 ” mode bordering the spatio-temporal flaw before I gradually understand the codes.
The road is still long before getting the salvation of the Crypto god, but in the meantime I take the opportunity to share my passion with you.
DISCLAIMER
The words and opinions expressed in this article are the sole responsibility of the author and should not be considered as investment advice. Conduct your own research before making any investment decisions.
